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Byju’s Aakash Deal: Byju’s clears $950 million payment to Aakash, completes $800 million fund raise | India Business News

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NEW DELHI: Edtech agency Byju’s stated on Monday that it has accomplished payment that was due for the acquisition of Aakash Educational Service and obtained majority of $800 million fund which it introduced in March. The firm is estimated to have acquired Aakash Educational Services Limited for round $950 million.
“Our fundraising efforts are on track and the majority of the 800 million has been already received. The balance is also expected soon. Our payments to Aakash are closed and the audited financial results are going to be announced in the next 10 days,” Byju’s stated in an announcement.
Byju’s founder and CEO Byju Raveendran has made a private funding of $400 million (over Rs 3,000 crore) of the full $800 million (about Rs 6,000 crore) raised within the newest funding spherical by the corporate.
The recent spherical of funding has been performed valuing the corporate at $22 billion.
Talking about lay-offs on the firm, the assertion stated that the choice has been made to enhance enterprise efficiencies all through the Byju’s and its group corporations.
“In order to reduce redundancies across our organisation after multiple acquisitions, we had to let go of nearly one per cent of our over 50,000 strong workforce. This retrenchment was a result of a strategic decision to improve business efficiencies throughout Byju’s and its group companies. Byju’s remains a net hirer,” the edtech agency stated.
Sacked workers of Byju’s group, nonetheless, claimed the variety of laid-off employees was increased than that cited by the corporate.
“With over 50,000 employees and growing, we take immense pride in our role as India’s largest job creator among startups. Byju’s continues to hire across levels for various businesses, departments and functions,” the corporate stated.

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